Mahanagar Gas Ltd, which retails CNG and piped cooking gas in Mumbai and other cities, on Saturday reported a 9 per cent drop in its June quarter net profit as higher gas cost negated a rise in sales.
Net profit of Rs 185.20 crore in April-June compared with Rs 204.08 crore in the same period a year back, according to a company’s stock exchange filing.
Revenue from operations soared more than twofold to Rs 1,613.19 crore.
Cost of natural gas, which is converted into CNG for sale to automobiles and piped natural gas for sale to households for cooking, jumped to Rs 1,004.53 crore from Rs 191.04 crore last year. This is because global energy prices soared after Russia invaded Ukraine.
MGL said total gas sales jumped nearly 44 per cent to 313.75 million cubic meters with CNG sales soaring 64 per cent. EBITDA fell 6 per cent to Rs 285.55 crore in April-June.
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